Laon and advance to employee

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Anil Chauhan (Querist)
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08 November 2011 DEAR SIR,

IF COMPANY PROVIDE CASH LOAN TO EMPLOYEE MORE THAN 20000/- THEN ANY INTEREST ON THAT LOAN APPLICABLE AS PER INCOME TAX ACT. OR ANY LIMIT TO PROVIDE CASH LOAN TO EMPLOYEE....

THANKS

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 November 2011 An assessee can not accept cash loan for Rs 20000 or more in cash. (Section 269SS)
.

In case the assessee has taken loan of more than Rs 20000/- from the company then interest or concession in interest (from SBI Rates are considered for calculation purpose) is treated as taxable perquisite in the hand of the employee.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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08 November 2011 NO PERKS IF LOAN AMOUNT IN AGG DOES NOT EXCEED RS 20000
CA MANOJ GUPTA
JODHPUR
09828510543

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